NOTICE OF SPECIAL MEETING
TO THE MEMBERS OF THE BOARD OF TRUSTEES OF THE BLACK DESERT PUBLIC INFRASTRUCTURE DISTRICT:
NOTICE IS HEREBY GIVEN that a special meeting of the Board of Trustees of the Black Desert Public Infrastructure District (the 'District') will be held on March 6, 2024 by electronic means for the purpose of authorizing the adoption and recording of an Amended and Restated Designation Resolution and an Amended and Restated Assessment Ordinance, and related matters, and for the transaction of such other business incidental to the foregoing as may come before said meeting.
Secretary/Clerk
ACKNOWLEDGMENT OF NOTICE
AND CONSENT TO SPECIAL MEETING
We, the members of the Board of Trustees of the District, do hereby acknowledge receipt of the foregoing Notice of Special Meeting, and we hereby waive any and all irregularities, if any, in such notice and in the manner of service thereof upon us and consent and agree to the holding of such special meeting at the time and place specified in said notice, and to the transaction of any and all business which may come before said meeting.
Chair
Vice Chair
Secretary/Clerk
March 6, 2024
The Board of Trustees (the 'Board') of the Black Desert Public Infrastructure District (the 'District') met in special session (including by electronic means) on March 6, 2024, at 2:30 p.m. with the following members of the Board present:
Patrick Manning Chair
Brett Boren Vice Chair/Treasurer
Stephanie Nast Secretary/Clerk
Also present:
Michael Jensen Special Districts Specialist
Randall Larsen
Hayden Jeppson Bond Counsel
Reef Capital Partners
Damon Georgelas Reef Capital Partners
Kira Kaur DA Davidson
After the meeting had been duly called to order and after other matters not pertinent to this Resolution had been discussed, the Secretary/Clerk presented to the Board a Certificate of Compliance with Open Meeting Law with respect to this March 6, 2024, meeting, a copy of which is attached hereto as Exhibit A.
Thereupon, the following resolution was introduced in written form, discussed in full, and pursuant to a motion made by _Brett Boren_ and seconded by _Patrick Manning_ adopted by the following vote:
AYE: 3
NAY: 0
The resolution was then signed by the Vice Chair/Treasurer and recorded by the Secretary/Clerk in the official records of the Black Desert Public Infrastructure District. The resolution is as follows:
RESOLUTION NO. 2024-03
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE BLACK DESERT PUBLIC INFRASTRUCTURE DISTRICT ESTABLISHING THE TERMS AND CONDITIONS OF AN AMENDED AND RESTATED ASSESSMENT ORDINANCE FOR THE BLACK DESERT ASSESSMENT AREA #1 (THE 'ASSESSMENT AREA'), AUTHORIZING THE EXECUTION OF AN AMENDED AND RESTATED DESIGNATION RESOLUTION AND AN AMENDED AND RESTATED ASSESSMENT ORDINANCE FOR THE ASSESSMENT AREA; APPROVING THE APPRAISAL FOR THE ASSESSMENT AREA; AUTHORIZING THE TAKING OF ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION; AND RELATED MATTERS.
WHEREAS, on January 11, 2024 the Board of Trustees (the 'Board') of the Black Desert Public Infrastructure District (the 'District'), adopted a resolution approving forms of a designation resolution and an assessment ordinance, and designated an assessment area (the 'Assessment Area') known as the 'Black Desert Assessment Area #1' for the purpose of financing the costs of publicly owned infrastructure, facilities or systems, along with other necessary miscellaneous improvements, and to complete said improvements in a proper and workmanlike manner (collectively, the 'Improvements') in an amount not to exceed $234,870,000 (including administrative and overhead costs, costs of funding a reserve fund, capitalized interest related to the proposed bonds and paying costs of issuance in connection with the proposed bonds), pursuant to the Assessment Area Act, Title 11, Chapter 42, Utah Code Annotated 1953, as amended (the 'Act'); and
WHEREAS, the Board hereby finds and determines that pursuant to the Act, the Improvements constitute a publicly owned infrastructure, system or other facility that (i) the District is authorized to provide or (ii) is necessary or convenient to enable the District to provide a service that the District is authorized to provide; and
WHEREAS, the Board desires to authorize an Amended and Restated Designation Resolution to redesignate the Assessment Area and setting forth the terms, assessments and specific conditions of the Assessment Area in substantially the form presented to the meeting at which this Resolution was adopted and which is attached hereto as Exhibit B (the 'Amended and Restated Designation Resolution'); and
WHEREAS, the Board also desires to authorize an Amended and Restated Assessment Ordinance setting forth the terms, assessments and specific conditions of the Assessment Area in substantially the form presented to the meeting at which this Resolution was adopted and which is attached hereto as Exhibit C (the 'Amended and Restated Assessment Ordinance'); and
WHEREAS, the Board also desires to authorize and approve the Appraisal of the Assessment Area (the 'Appraisal'), in substantially the form presented to the meeting at which this Resolution was adopted and which is attached hereto as Exhibit D; and
WHEREAS, the Board acknowledges that (i) the golf course is not located entirely within the Assessment Area (but usage rights for the Assessment Area properties to the entire golf course will be made available to assure the income valuation method to the golf course and related properties as anticipated in the Appraisal) and (ii) the Appraisal includes anticipated value for residential units expected to be condominiumized above the underground parking structures and adequate funding for such units is currently available to the property owners in accordance with the Act; and
WHEREAS, in order to allow the District flexibility in confirming the details of the Assessment Area, the properties to be included in the Assessment Area, the assessments to be levied in the Assessment Area and other terms and conditions needed to finalize the Amended and Restated Designation Resolution and the Amended and Restated Assessment Ordinance, the Board desires to grant to any one of the Chair or Vice Chair (the 'Designated Officer') the authority to approve the Amended and Restated Designation Resolution and the Amended and Restated Assessment Ordinance, and any changes with respect thereto from the forms which were before the Board at the time of adoption of this Resolution, so long as such changes are substantially within the parameters described herein and all of the property owners in the final Assessment Area consent to inclusion in the Assessment Area; and
WHEREAS, 2024 Utah House Bill 13 has authorized public infrastructure districts in the State of Utah to provide that some or all of the assessments imposed by such districts be paid in installments over a period of not to exceed 30 years from the effective date of an assessment resolution with the consent of all surface property owners within the assessment area; and
WHEREAS, the Acknowledgment, Waiver and Consent Agreement(s), in substantially the form attached hereto as Exhibit E are or will be signed by all surface property owners within the assessment area and consent to the payment of installments over a period of up to 30 years:
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of the Black Desert Public Infrastructure District, as follows:
Section 1. The terms defined or described in the recitals hereto shall have the same meanings when used in the body of this Resolution.
Section 2. All actions heretofore taken (not inconsistent with the provisions of this Resolution) by the Board and by the officers of the District directed toward the execution and delivery of the Amended and Restated Assessment Ordinance and Amended and Restated Designation Resolution are hereby ratified, approved, and confirmed.
Section 3. The Amended and Restated Designation Resolution, in substantially the form attached hereto as Exhibit B, is in all respects hereby authorized and approved, and the Chair or Vice Chair and the Secretary/Clerk are hereby authorized and directed to execute and deliver the same on behalf of the District with final terms as may be established by the Designated Officer, and with such alterations, changes or additions as may be necessary or as may be authorized by herein.
Section 4. The Amended and Restated Assessment Ordinance, in substantially the form attached hereto as Exhibit C, is in all respects hereby authorized and approved, and the Chair
Notice of Special Accommodations (ADA)
The District complies with the Americans with Disabilities Act by providing accommodations and auxiliary communicative aids and services for all those in need of assistance. Persons requesting these accommodations for public meetings should call Jennifer Gowans at 435-628-3688 at least 24 hours before the meeting.
Notice of Electronic or Telephone Participation
Unless otherwise noted in the posted Agenda, meetings of the Board of Trustees will be held in person. For meetings held via videoconferencing or telephonic communication Trustees and other meeting participants and attendees will be able to participate remotely. Persons requesting video conference or telephonic accommodations for public meetings should call Jennifer Gowans at 435-628-3688 to make arrangements.